PORTAL
Our Impact
Overview
MIGA's mission is to support economic growth, reduce poverty, and improve people's lives by mobilizing cross-border private investment into developing countries. In order to achieve this, the Agency needs a clear understanding of the development outcomes of the projects it supports. We collect a set of common indicators from clients and put in place a development outcome results system known as the Development Effectiveness Indicator System (DEIS).
In FY22, MIGA issued $4.9 billion of new guarantees in support of 54 projects across the globe. Almost a third of our gross issuances supported projects in IDA (lower-income) countries; 12 percent went to fragile and conflict-affected countries; and 28 percent of the total guaranteed investment of the projects supported contributed to climate finance. While the Agency was primarily focused on the immediate COVID-19 response during the fiscal year, it continued to facilitate foreign direct investment (FDI) into developing countries by supporting several highly impactful projects. Here are some highlights of the expected development results in the host countries.
Expected Development Results (FY22)
MIGA’s aggregate expected development results over the FY15-22 period include over 74 million people gaining access to power. With an additional 60.5 thousand gigawatt hours of additional power generation capacity expected annually, host countries have a better chance of supporting manufacturing and creating productive economic activity that can help end poverty. These projects are also expected to help create an estimated 147 thousand direct and many more indirect jobs, while preventing the emission of 12.4 million metric tons of greenhouse gases annually. Economic activity is also supported by MIGA-guaranteed projects through the expected $1.5 billion in locally procured goods annually and the $27.3 billion in finance expected to be enabled for SMEs and climate finance activities. Projects supported by MIGA since FY15 are leading to better access to modern health care and are expected to enable approximately 21.5 million patient consultations. Government resources are also being improved with an expected $4.7 billion annually in local taxes/fees generated from MIGA-supported projects.
Expected Development Results (FY15-FY22)
COVID-19 Response
Launched in April 2020, MIGA’s COVID-19 Response Program consists of three stages: (1) the first response, to address the immediate needs of the public and financial sectors; (2) a recovery phase, to support the restoration of economic activity in the real sectors and private enterprise in the short and medium term; and (3) long-term resilience, to support investment across the public and private sectors.
As of June 2022, the program has delivered some $7.6 billion in guarantees across 47 projects throughout Latin America and the Caribbean, Sub-Saharan Africa, East Asia and Pacific, and Europe and Central Asia—$2.1 billion of which was issued this fiscal year. These projects have been highly impactful, helping host countries to bolster their medical response to the COVID-19 crisis and helping governments and private sector clients to mitigate the economic impact of the crisis by providing working capital support to micro, small, and medium enterprises (MSMEs), corporates, and individuals.
Key Topics
Of the 54 projects supported by MIGA during FY22, almost a third of our gross issuances supported projects in IDA (lower-income) countries; 12 percent went to fragile and conflict-affected countries; and 28 percent of the total guaranteed investment of the projects supported contributed to climate finance.
Regions
During FY20, MIGA supported 6 projects in Latin America and the Caribbean, and issued guarantees for a total of $1.5 billion. In Sub-Saharan Africa (SSA), the Agency supported 22 projects by issuing guarantees for $1.3 billion, nearly all of which supported one or more strategic priority areas. New guarantees issued in Europe and Central Asia amounted to $499 million and the majority of them were capital optimization guarantees that were issued under Pillar 2B of MIGA's COVID-19 fast-track facility. The Agency supported 4 projects in FY20 in East Asia and the Pacific and South Asia, issuing guarantees for $532.3 million. MIGA continued to expand on its climate finance commitments in the Middle East and North Africa, and supported 7 renewable energy projects, issuing guarantees for a total of $168 million.
